Changes in the balance sheet accounts at June 30, 20X1 and 20X2 for the Poker Company are presented below: Increase (Decrease) Assets Cash $ 480,000 Accounts receivable 200,000 Inventory 300,000 Long-term investments 200,000 Equipment (200,000) Accumulated depreciation (60,000) Liabilities and Stockholders' Equity Accounts payable $ (40,000) Dividends payable 400,000 Notes payable-Current (200,000) Notes payable-Long-term 400,000 Common stock, $1.00 par 300,000 Additional paid-in capital 100,000 Retained earnings 80,000 Additional Information for 20X2: Net income was $480,000 and dividends of $400,000 were declared. Common stock was issued for cash. A new long-term investment was acquired for $360,000. A long-term investment was sold for $160,000. Equipment that cost $600,000 was sold for $200,000. The book value of those assets was $150,000. The net cash flow from operating activities for 20X2 is a: Multiple Choice $280,000 outflow. $200,000 outflow. $280,000 inflow. $400,000 inflow.

Changes in the balance sheet accounts at June 30, 20X1 and 20X2 for the Poker Company are presented below: Increase (Decrease) Assets Cash $ 480,000 Accounts receivable 200,000 Inventory 300,000 Long-term investments 200,000 Equipment (200,000) Accumulated depreciation (60,000) Liabilities and Stockholders' Equity Accounts payable $ (40,000) Dividends payable 400,000 Notes payable-Current (200,000) Notes payable-Long-term 400,000 Common stock, $1.00 par 300,000 Additional paid-in capital 100,000 Retained earnings 80,000 Additional Information for 20X2: Net income was $480,000 and dividends of $400,000 were declared. Common stock was issued for cash. A new long-term investment was acquired for $360,000. A long-term investment was sold for $160,000. Equipment that cost $600,000 was sold for $200,000. The book value of those assets was $150,000. The net cash flow from operating activities for 20X2 is a: Multiple Choice $280,000 outflow. $200,000 outflow. $280,000 inflow. $400,000 inflow.

Name: Changes in the balance sheet accounts at June 30, 20X1 and 20X2 for t
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Description: Changes in the balance sheet accounts at June 30, 20X1 and 20X2 for the Poker Company arepresented below: Increase (Decrease) Assets Cash $ 480,000 Accounts receivable 200,000 Inventory300,000 Long-term investments 200,000 Equipment (200,000) Accumu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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